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Backstage Wall Street: An Insider's Guide to Knowing Who to Trust, Who to Run From, and How to Maximize Your Investments by Joshua M. Brown

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3Brokerage Oceanography

Before I continue, let me just draw one distinction that becomes more important as the story progresses …

When I use the term brokerage firm from here on out, I am primarily referring to the old-school broker-dealers, large and small, who make money from commissions and selling concessions that are charged to their brokerage customers on a transactional basis. Most industry participants have moved at least a portion of their business toward a more fee-based asset management or investment advisory approach, but there are still hundreds of thousands of products being pitched to retail brokerage customers every day, be they stock and bond trades, annuities, mutual funds, closed-end funds, underwritings, or unit investment ...

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